Mnuchin Says Crypto Sector Is Being Highly Utilized By Malicious Actors, Bitcoin Above $10,000 Again

Bitcoin holding above the psychologically important USD 10,000 level
Volume indicates summer holiday trade
Mnuchin Says Crypto Sector Is Being Highly Utilized By Malicious Actors
Crytpo and Bitcoin Futures Story of Day

Crytpo and Bitcoin Futures Story of Day


OVERNIGHT CRYPTO MOVERS

Bitcoin U$10,123.00; +3.83%  
XRP U$0.3228; +3.46%
Ethereum U$224.00.; +7.46% 
EOS U$4.6647; +9.52%
Litecoin U$95.71; +5.83% 
Bitcoin SV  U$167.59; +0.80%

CRYPTO STORY OF THE DAY

US Treasury Secretary Steve Mnuchin Gave An Interview To CNBC Yesterday Where He Once Again Addressed Bitcoin / Cryptocurrencies - He Reiterated His Assertion That The Sector Is Being Highly Utilized By Malicious Actors And Furthermore Disparaged Its Future Prospects - We See The Comments As Further Evidence That The US Government Is Set To Be No Friend Of Crypto

The crypto discussion was the last 4-minutes of a 20-minute interview which spanned from Chinese relations to the overall economy, to the upcoming election. The Secretary reaffirmed that he was most concerned about the 'illicit activity' and noted that the G7 was unanimous in their belief that crypto should be regulated under the existing AML regime. Potentially alluding to the August G7 meeting, the Secretary claimed that the group was ready to, 'enforce throughout the World.' Mnuchin then went on to attack the investment qualities of crypto. Noting that he himself would not be 'loaded up on Bitcoin' and that he does not even believe cryptoassets would be on his radar as Treasury Secretary were he to hold the position for another term.

Takeaway: In his last address on crypto the Secretary seemed somewhat agnostic to Americans investing so long as it was for speculative purposes. At the time we found his tone on the topic surprising especially as President Trump had disparaged the investment prospects of the sector days before in tweets. In yesterday's comments, it seemed as if the Secretary had felt as though he was too 'soft' on Bitcoin and took, what could end up becoming the Treasury's party line, that he would not invest in the space. Between the new anti-speculative narrative and hints of additional regulation / enforcement we feel as though anyone expecting anything less than a combative stance from Washington towards crypto is being overly optimistic.

About the Author

FRNT Financial is a technology and sales layer that offers institutional and accredited investors access to various forms of exposure to crypto-assets.